Caveat Emptor!!
In any auction situation there may be dubious bidding. In fact many of the major auction houses have it written into their sellers contracts.
A person whom is intent on making a purchase must do their research and know the value of something before becoming emotional about bidding. If you know what you are buying and set a limit it will be difficult to be scammed into overpaying.
This site is an amazing tool for researching and learning from some of the incredibly knowledgeable car buffs on here!
In regards to this particular auction. This one don't smell right, do it? If I was going to spend over $50,000 on a vehicle I would spend the $400 bucks to fly there and see it in person.